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PSI - NY Life, Accident and Health Practice
Exam Questions And Answers 100% Pass
Which policy provision permits the policy owner to take a specified number of days to examine
the contract, and allows for cancellation and a full refund if the policy owner rejects the terms
or costs? - ANS Free Look
When will a policy pay on a UCR basis? - ANS When particular benefits are not listed on a
payment schedule
Which type of rider reimburses health and social service expenses incurred in a convalescent or
nursing home facility? - ANS long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
ANS Fraudulent misstatements
What does first dollar coverage mean? - ANS As soon as covered medical expenses are
incurred, the policy begins to pay
What is the waiver of premium provision? - ANS In a long term care contract, the premium is
waived after the insured has been confined for a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment
immediately after receiving proof of loss EXCEPT - ANS for claims involving periodic
payments
, ©EVERLY 2025 ALL RIGHTS RESERVED
Which is a disadvantage to a flexible premium annuity? - ANS the actual amount of the
annuity benefit cannot be determined in advance
When a policy or certificate containing an accelerated benefit provision is applied for or
delivered, the producer is responsible for providing that applicant a summary of coverage that
includes all of the following EXCEPT - ANS a detailed and comprehensive summary of the
accelerated benefit
which one of the following represents an advantage of obtaining a policy loan versus a
withdrawal? - ANS the loan is not taxed while a withdrawal is taxed for amounts above the
contract cost basis
How does a noncancelable policy differ from a guaranteed renewable policy? - ANS with the
non cancelable policy the insurer may increase premiums only based on the terms of the policy
What does it mean if a health policy is conditionally renewable? - ANS Insurer may elect NOT
to renew only under the conditions specified in the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's initial: - ANS 2 year period
What does coinsurance mean? - ANS The insurer and the insured share expenses over the
deductible.
Which of the following must be given to the insurer within 20 days after occurrence or
commencement of any loss covered by the policy, or as soon thereafter as is reasonably
possible? - ANS Notice of claim
PSI - NY Life, Accident and Health Practice
Exam Questions And Answers 100% Pass
Which policy provision permits the policy owner to take a specified number of days to examine
the contract, and allows for cancellation and a full refund if the policy owner rejects the terms
or costs? - ANS Free Look
When will a policy pay on a UCR basis? - ANS When particular benefits are not listed on a
payment schedule
Which type of rider reimburses health and social service expenses incurred in a convalescent or
nursing home facility? - ANS long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
ANS Fraudulent misstatements
What does first dollar coverage mean? - ANS As soon as covered medical expenses are
incurred, the policy begins to pay
What is the waiver of premium provision? - ANS In a long term care contract, the premium is
waived after the insured has been confined for a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment
immediately after receiving proof of loss EXCEPT - ANS for claims involving periodic
payments
, ©EVERLY 2025 ALL RIGHTS RESERVED
Which is a disadvantage to a flexible premium annuity? - ANS the actual amount of the
annuity benefit cannot be determined in advance
When a policy or certificate containing an accelerated benefit provision is applied for or
delivered, the producer is responsible for providing that applicant a summary of coverage that
includes all of the following EXCEPT - ANS a detailed and comprehensive summary of the
accelerated benefit
which one of the following represents an advantage of obtaining a policy loan versus a
withdrawal? - ANS the loan is not taxed while a withdrawal is taxed for amounts above the
contract cost basis
How does a noncancelable policy differ from a guaranteed renewable policy? - ANS with the
non cancelable policy the insurer may increase premiums only based on the terms of the policy
What does it mean if a health policy is conditionally renewable? - ANS Insurer may elect NOT
to renew only under the conditions specified in the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's initial: - ANS 2 year period
What does coinsurance mean? - ANS The insurer and the insured share expenses over the
deductible.
Which of the following must be given to the insurer within 20 days after occurrence or
commencement of any loss covered by the policy, or as soon thereafter as is reasonably
possible? - ANS Notice of claim
